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The consumer's utility function is U(x, y) = 3x + 2y. Let Px = 2, I = 12.
(a) If price Py is too high, the consumer will not want to purchase any y. Find the lowest price Py at which the consumer ceases to purchase y.
(b) What is the demand function for good y (quantity y as a function of Py)?
You have decided to purchase a small tract of land for building a new home on the outskirts of town. You have some money available but need a loan of $18,000 to make the purchase. The land will be owner-financed over 4 years with end-of-year payme..
Assume that product A requireds .5 hour per unit and B requires .25 hour per unit. If both products must go through the same manufacturing machine and there are only 30000 machine hours available per period, which product should be pushed
The demand in the cake market is Qd =500 - 10p and unrestricted supply is Qs = 100 + 10p. Suppose the government imposes a baker's license that reduces cake supply to Q¢s =10p. Calculate the numerical values of the following:a. Price that cons..
Assuming that the demand is D(P) = 100 - 2P. The regulator chooses average cost pricing. Compute how many firms can efficiently serve the market and the total amount Q produced. (Hint: It suffices to compute the price at the efficient production l..
suppose you take out a car loan of $10,000 with an interest rate of 12% compounded monthly. you will pay off the loan over 48 months with equal monthly payments. a) what is the monthly interest rate b) what is the amount of the equal monthly paymen..
Amber City borrowed $1,000,000 secured by a 5-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should be recorded in the General Fund and governmental..
Suppose labor's share of GDP is 70 percent and capital's is 30 persent, total factor productivity is growing at an annual rate of 2 percent, the labor force is growing at a rate of 1 percent, and the capital stock is growing ata rate of 3 percent.
Assume that the supply curve for popcorn is determined by the following: Qs=12Pp. Assume further that today's price of nachos is $6 per serving and of candy is $4 per bag. Determine the equilibrium quantity exchanged and price of popcorn.
Suppose the government in this economy decides to increase government purchases by $250 billion. The increase in government purchases will lead to an income, generating an increase in consumption that increases income yet again, and so on.
Assets Liabilities Total reserves $12 billion Transactions accounts $ 50 billion Loans $27 billion Securities $11 billion Total $50 billion Total $50 billion 22.3. If the required reserve ratio is 0.20, what is the unused lending capacity of the b..
Montana is home to a number of firms offering wilderness hunting experiences to wealthy city dwellers. However, the profits of such firms depend on how crowded the "wilderness" is and how many deer are available.
the production function: Q=5KL the assembly machines, K, costs $10,000 a week, while labor teams, L, cost $5000 per week. your plant has 4 assembly machines In the short run, ____ labor teams are required to produce 360 widgets.
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